Letter to My Daughters: On Patience
I want to talk to you about patience, specifically, patience as an investor. It may be the single most important quality you can develop, and it is also the one that most people, even smart people, find almost impossible to maintain. The problem is that patience is invisible. When you are being patient, nothing appears to be happening. And in a world where something is always happening--markets moving, headlines rolling, financial commentators confidently explaining what it all means--doing nothing feels like failure. It isn't. Why Patience Is Hard Human beings are wired for action. When something feels wrong (a market [...]